Smartwatch Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F, Segmented By Type (Analog, Digital, and Fitness Bands), By Operating System (WearOS, WatchOS, and Others (Free RTOS, FitbitOS, etc.)), By Display Technology (AMOLED, OLED, Others (TFT LCD, LCD, etc.)), By Distribution Channel (Multi-Brand Stores, Supermarkets/Hypermarkets, Exclusive Stores, Online, and O

Global Smartwatch market is anticipated to grow during the forecast period owing to the growing consumer awareness toward health monitoring technologies, changing consumer preferences toward healthy lifestyles, and rising demand from millennials.

Global Smartwatch Market Scope

A wearable watch with technology embedded in it is called a smartwatch. Analog smartwatches, digital smartwatches, and fitness bands are all wearable devices that have gained popularity in recent years. While they share some similarities, there are some key differences between these three types of wearables. Analog smartwatches are traditional-looking watches that also have some smart features, such as activity tracking, smartphone notifications, and voice control. They often have a classic watch design, with an analog display for time and sometimes a small digital screen to display additional information. Some popular examples of analog smartwatches include Fossil Gen 5, Withings Steel HR, and Garmin Vivomove.

Digital smartwatches, have a fully digital display and often offer more advanced features than analog smartwatches. They can display notifications, provide access to apps, track fitness and health data, and allow users to make calls and send messages. Some popular examples of digital smartwatches include the Apple Watch, Samsung Galaxy Watch, and Fitbit Versa.

Fitness bands are designed primarily for fitness tracking and tend to have a more minimalist design than smartwatches. They typically offer features such as step counting, heart rate monitoring, and sleep tracking, and often have a long battery life. Fitness bands may also have some smart features, such as notifications for incoming calls and messages. Some popular examples of fitness bands include Fitbit Charge, Garmin Vivosmart, and Xiaomi Mi Band. Apart from showing the time, smartwatches are Bluetooth-capable also. The watch transforms into a wireless bluetooth adaptor that can bring the features of the wearer's smartphone to the smartwatch. The interface of the watch can be used by the wearer to make and take phone calls from their smart phone, read email and text messages, obtain weather information, listen to music, dictate email, and text messages, and communicate with a digital assistant.

In most cases, smartwatches connect to a user's smartphone. The watch has many of the same functions and software programs as the phone and can sync with it. For instance, to receive alerts from dispatch, police officers and firefighters might use a smartwatch application. The U.S. Air Force provides smartwatches with specialized satellite navigation capabilities to its pilots.

Global Smartwatch Market Overview

Increasing demand for the connected ecosystem and rising awareness of health and fitness are two key factors driving the growth of the global smartwatch market. A significant purchase motivator for the consumer is the availability of numerous features that are similar to those found in smartphones combined with the high demand for aesthetically pleasing smart devices.

Smartwatches companies focus on different price points when releasing or launching products with distinctive features. For e.g., in the Asia-Pacific region, entry-level devices with numerous innovative features at reasonable prices have been launched by companies such as Realme, Noise, Huawei, Boltt, and others. Similar to premium smartwatch brands, these watches feature Bluetooth calling, voice assistants, health monitoring, and fitness tracking. Such elements increase the smartwatch’s versatility in serving a variety of applications, which is anticipated to fuel the global smartwatch market.

Global Smartwatch Market Drivers

The global smartwatch market has been growing steadily over the past few years, and it is expected to continue its upward trajectory during the forecast period. The market is driven by various features such as health & fitness, increased connectivity, growing consumer interest in variables, and increasing usage of technology.

Global Smartwatch Market Trends

The global smartwatch market has been growing steadily in recent years. Major trends in the market are integration with other smart devices,

Global Smartwatch Market Challenges

Major challenges in the global smartwatch market are the high cost of smartwatches and privacy issues.

Furthermore, the market's growth is predicted to be hindered by smartwatches' high price. Manufacturing and designing a wide variety of smartwatches, such as displays, sensors, and small-sized semiconductor devices, requires a broad range of skills and expensive upfront investments. To meet the growing demand for smartwatches, many major brands are entering in luxury smartwatches segment. The average price of a luxury smartwatch ranges from USD 2900 to USD 180,000.

Recent Developments

• In 2022, Razers and Fossil entered into a partnership and launched a limited-edition watch “Fossil Gen 5 Smartwatch Razer Edition”. The Fossil Gen 5 Smartwatch Razer Edition features a 1.28-inch OLED display, a Snapdragon Wear 3100 processor, and 1GB of RAM. It also includes a range of features aimed at gamers, such as custom watch faces inspired by Razer's branding, a range of new app integrations, and exclusive watch bands. One of the key features of the new smartwatch is its compatibility with Razer's Cortex app, which allows users to access a range of gaming-related features directly from their wrist. This includes the ability to launch games, adjust settings, and monitor system performance.
• In 2021, Google announced the release of Wear OS 3, a new operating system for smartwatches that combines the best features of Wear OS and Samsung's Tizen OS. The new OS promises improved performance, longer battery life, and enhanced health tracking features. Samsung and Google formed a strategic partnership to bring Wear OS to Samsung's Galaxy smartwatches. This move is expected to create a more unified smartwatch ecosystem and make it easier for developers to create apps that work across multiple devices.

• In 2022, watchOS 8 was replaced by watchOS 9, the most recent version of the watchOS operating system that powers the Apple Watch. At the 2022 Worldwide Developers Conference in June, watchOS 9 was showcased. With a focus on improved health and fitness features, the watchOS 9 update includes design enhancements, new watch faces, and new apps. There are now four brand-new watch faces available. While Playtime features entertaining, animated, and personified numbers created in collaboration with artist Joi Fulton, Lunar illustrates the relationship between the Gregorian calendar and various lunar calendars. Astronomy is an updated version of the original astronomy, while Metropolitan is a traditional type-driven watch face with a style that changes as the digital crown is turned.

Global Smartwatch Market Opportunities

In the past 50 years, smartwatches have undergone various changes. Complex data about the wearer can now be tracked, stored, and transmitted by smartwatches.

Various features are offered by smartwatches such as biometric data, fitness tracker, heartbeat, and others. The increased prevalence of chronic diseases that demand ongoing monitoring is one factor contributing to the healthcare focus.

Biometric data is one area on which many smartwatch manufacturers are concentrating. Smartwatches can track fitness data such as daily steps and body composition. They can also keep an eye out for potential medical issues. The aim of manufacturers is to increase the number of health-related technologies that can be incorporated into smartwatches.

Global Smartwatch Market Company Profiles

Apple Inc., Samsung Electronics Co. Ltd, Garmin Ltd, Fitbit Inc., Fossil Group Inc., Huawei Technologies Co. Ltd, Xiaomi Corporation, Sony Corporation, Casio Computer Co. Ltd, and Anhui Huami Information Technology Co., Ltd., etc. are the major market players in the global Smartwatch market.

Global Smartwatch Market Segmentation

The global Smartwatch market is segmented into type, operating system, display technology distribution channel, and region. Based on type, the market is segmented into analog, digital, and fitness bands. Based on operating system, the market is segmented into wearOS, watchOS, and others (free RTOS, fitbitOS, etc.). Based on display technology, the market is further segmented into AMOLED, OLED, Others (TFT LCD, LCD, etc.). Based on the distribution channel, the market is segmented into multi-brand retailers, supermarkets/hypermarkets, exclusive retailers, online, and others (direct sales, non-retail, etc.). The market analysis also studies regional segmentation, divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.